Business Management Exam Questions with Complete Solutions

Types of Businesses - ANSWER-sole traders partnerships private limited companies public listed companies social enterprises government business enterprises Examples of business objectives - ANSWER--Make a profit -increase market share -fulfill a market or social need -meet shareholder expectations Shareholder vs stakeholder - ANSWER-Shareholder is someone who owns part of a business Stakeholder is someone with vested interest in a business (supplier, consumer) objectives - ANSWER-desired achievement which provides direction for the business Corporate Social Responsibility (CSR) - ANSWER-the commitment by a business to behave ethically and contribute to economic, environment and societal development Areas of Management - ANSWER-Sales and Marketing, Finance, Operations, Human Resources, technology support Management skills - ANSWER-communicating delegating planning leading decision-making interpersonal Contingency management theory - ANSWER-emphasises the need for the managers style to fit the circumstances relationship between styles and skills - ANSWER-The type of management style that a manager selects will determine the range and degree of skills they use, and the way in which they use those skills. Corprate Culture - ANSWER-an internal factor that can optimise or interrupt business performance. REAL corporate culture- the actual culture within the business